Ohmyhome ends Nasdaq debut at US$4.07, 1.8% above IPO price

Mar 22, 2023

SHARES of Singapore-based Ohmyhome rose 1.8 per cent in after hours trading following its Nasdaq debut on Tuesday (Mar 21).

The counter traded between US$3.80 and US$4.24 before finishing at US$4.07, up 1.8 per cent or US$0.07 from its US$4 opening price, according to data from MarketWatch. Around 640,000 shares changed hands.

Ohmyhome announced on Mar 20 that it will be offering 3.8 million ordinary shares priced at US$4 apiece.

Of these shares, 2.8 million are offered by Ohmyhome and 975,000 are offered by the selling stockholder. The proptech company said it will not receive any proceeds from the sale of shares by real estate consultancy firm Anthill Realtors, the selling stockholder.

It expects the initial public offering (IPO) to close on or about Thursday, subject to the satisfaction of customary closing conditions.

The company plans to use the proceeds for market expansion in South-east Asia, for research and development of its products, to repay “certain interest-free loans” and for working capital and other general corporate purposes, said Ohmyhome in its IPO filing.

Rhonda Wong and her sister Race founded Ohmyhome in 2016. The company offers property services such as search, self listing, agent service, mortgage, conveyancing, renovation and moving services. It also facilitates cross-border buying and selling of properties across its three markets.

For the first half-year ended June 2022, the company booked a total revenue of S$3.4 million, up 45.8 per cent from S$2.3 million for the same period a year earlier. Net loss attributable to the group, however, widened to S$900,000 from S$500,000.

On Mar 20, Ohmyhome said that Prime Number Capital is acting as the sole book runner for the offering, with SBI China Capital Financial Services acting as co-manager.

New York Stock Exchange-listed property listing platform PropertyGuru, which is also Singapore-based, closed 1.8 per cent or US$0.08 lower at US$4.72 on Tuesday.

Its current price is down from when PropertyGuru was first listed on Mar 18, 2022 at US$8.33, after a business combination with Bridgetown 2 Holdings, a special purpose acquisition company.

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